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Markets fell heavily over the past week, bowed down by rising inflation, yet another increase in repo rates by the Reserve Bank of India and a gloomy scenario on Greek debt and US economic recovery.

Bellwether indices, BSE Sensex and NSE Nifty, lost over 2.3 and 2.2 per cent respectively. The broader CNX 500 ended the week down 1.9 per cent. The BSE Midcap and Smallcap indices fared a shade better, ending with a loss of 1.2 and 1.4 per cent respectively.

Among sector indices, rate-sensitive sectors suffered declines following the repo rate hike by 25 basis points. The BSE Auto index was down 2 per cent on worries that demand may wane should banks hike lending rates while also contending with a possible rise in diesel prices. The stocks of Tata Motors and Mahindra & Mahindra were down 4 and 3 per cent respectively.

The BSE Realty too lost 2 per cent on concerns over effect on housing demand due to higher borrowing costs. Index constituents such as Sobha Developers and Peninsula Land lost heavily, down 4 and 7 per cent respectively. The BSE Bankex fared the best, losing just over 1 per cent. However, these were not the biggest sector losers.

The BSE IT index was down 4.5 per cent by the end of the week. The stock of HCL Technologies , an index component, lost 4.6 per cent after reports that the company had come under the scanner of the US Embassy on visa irregularities.

The BSE Oil & Gas index was down 4.8 per cent by the end of the week, as the stock of Reliance Industries tanked 8 per cent, hitting a 52-week low of Rs 865.25. A move into insurance, coupled with reports that the CAG had indicated undue favours shown to RIL by the Ministry of Petroleum and Natural Gas in its Krishna-Godavari basin block, weighed on the stock.

Cement stocks slid on reports that the Serious Fraud Investigation Office was investigating allegations of cartelisation against cement majors. The stocks of ACC, UltraTech Cement and Ambuja Cement declined between 4 per cent and 6 per cent.

There were, however, a handful of stocks that did manage gains while markets tanked. Robust growth in March '11 quarter revenues and improving margins posted by Idea Cellular led the stock to end the week with a gain of 8 per cent.

Stocks of oil majors BPCL, HPCL and IOCL gained between 4 per cent and 7 per cent on expectations that a hike in diesel, cooking gas and kerosene prices was in the offing. Drops in prices of crude oil also nudged these stocks upward.

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